Wall Street stocks edged lower on Monday as last week’s strong jobs report raised expectations that the Federal Reserve would take a hawkish stance this year, pushing up Treasury yields. Artificial intelligence companies and Bitcoin-related stocks led the market decline.
As of 9:50 a.m., the Dow Jones Industrial Average was up 105.06 points, or 0.25 percent, at 42,043.51, the S&P 500 index was down 40.79 points, or 0.70 percent, at 5,786.25, and the Nasdaq Composite Index was up 274.13 points, or 274.13 points, at 5,786.25. 1.43%). 18,887.50.
At the opening bell, the Dow Jones Industrial Average was down 13.8 points, or 0.03%, at $41,924.68. The S&P 500 fell 45.0 points, or 0.77%, to 5,782.02, and the Nasdaq Composite Index fell 258.0 points, or 1.35%, to 18,903.664.
Two inflation reports due this week, the Consumer Price Index (CPI) and Producer Price Index (PPI), could provide clues about the Fed’s policy actions into 2025.
Among individual stocks, Moderna fell 23.1% after the company said it expects sales to fall between $1.5 billion and $2.5 billion this year, compared to about $3 billion in 2024.
Johnson & Johnson stock rose 1.1% after the company announced a deal to acquire Intracellular Therapies for about $14.6 billion.
Intra Cellular, which focuses on treating depression and schizophrenia, rose 34%.
Among large-cap stocks, Tesla fell 2%, Apple fell 2.7%, and Alphabet fell 1.5%.
According to CoinDesk.com, Bitcoin continued its decline and fell below $91,000.
In the bond market, the yield on the 10-year U.S. Treasury rose slightly to 4.77% from 4.76% late Friday.
Bullion
Gold prices fell on Monday as the US dollar strengthened.
Spot gold was down 0.5% at $2,677.13 an ounce at 1125 GMT. US gold futures fell 0.4% to $2,704.50. Spot silver fell 1.3% to $30.01 an ounce.
crude oil
Oil prices continued to rise in the third session on Monday, with Brent crude above $80 per barrel.
Brent crude oil futures rose 71 cents, or 0.9%, to $80.47 a barrel at 1424 GMT. U.S. West Texas Intermediate crude rose 94 cents, or 1.2%, to $77.51 a barrel.
